Friday, May 24, 2024

Pakistan’s Top Islamic Court Orders Government to Replace Riba-Based Financial System in 5 years.

The act of Interest of Pakistan, in 1839 was being proclaimed as Un-islamic by the court of Federal Shariat on Wednesday, and the authorities were being directed to interchange the Riba based Financial system with the System of Islam, in five years.

The Division Bench of Islamic court, conducted by Chief Justice Mohammad Noor Meskanzai, in the month of April on 12th, also Comprising Doctor Syed Mohammad Anwar, and Mr. Justice Khadim Hussain M.Shaikh, delayed the conclusion in the case of Riba.

The Lengthy program of Riba, was being adjourned by the Shariat Appellate Bench Supreme Court of Pakistan.

The Verdict of this case was being announced by Justice Syed Mohammad Anwar, who claimed that establishing an interest free banking system in Pakistan, is feasible due to its continuous use by different institutes in the Country.

The conclusion has been reached by the court that the foundation of Islamic System is to eradicate Riba, additionally Stated that any kind of Interests Recieved for loans, also comes under the category of Riba, which is not allowed in Islam.

The interest payment on all interest international loans comes under the category of Riba, the leading Court of Islam, declared and directed the Government of Pakistan to create all the transactions with the foreign institutions, including the IMF and the world bank, interest free.

Related Articles

Latest Articles